Prepare statement of retained earnings for the year ended

Assignment Help Accounting Basics
Reference no: EM132771276

Question - Myron Corporation, a private company reporting under ASPE, had the following shareholders' equity accounts at December 31, 2019:

Common shares, 75,000 issued $300,000

Retained earnings 750,000

During 2020, the following events occurred:

1. On February 1, the company declared and paid a $0.50/share cash dividend.

2. On June 10, the company split the common shares two for one.

3. On December 1, the company declared and paid a $0.40/share cash dividend.

4. At December 31, the company reported a loss of $106,000 for the year.

Required -

(a) Prepare Statement of Retained Earnings for the year ended December 31, 2020.

(b) If Myron Corporation was a publicly-traded corporation, would it still prepare Statement of Retained Earnings? If not, what statement would it prepare instead?

Reference no: EM132771276

Questions Cloud

What will retirement account be worth at the end : Low-risk retirement account. She expects to earn 6 percent for thirty-five years. What will her retirement account be worth at the end of those thirty-five year
How do these trends affect your planning for the program : How do these trends affect your planning for the program? What would be your next steps if you wanted to see a representation of all age groups at your agency
Takes seriously environmental responsibility : Identify a corporation that takes seriously its environmental responsibility. In what ways does the selected corporation work to improve the environment?
How could walmart use responsibility accounting performance : How could Walmart use responsibility accounting performance reports to effectively manage its more than 11,000 stores and 2 million employees.
Prepare statement of retained earnings for the year ended : On February 1, the company declared and paid a $0.50/share cash dividend. Prepare Statement of Retained Earnings for the year ended
Dilution be positive for a uti : Would a sample with 32 colonies of a single organism on a plate that received 1 ml of a 1:100 dilution be positive for a UTI?
What amount will accounts receivable be shown : Sales are collected as follows: 20% in the month of sale; In Heat's budgeted balance sheet at December 31, at what amount will accounts receivable be shown?
Create chart to compare american indians : Create a chart to compare American Indians, Sex and Gender, Work and Family, and Sexual orientation based on diversity and organizations.
Solve basic earnings per share for davis designs inc : Solve basic earnings per share for Davis Designs Inc. Davis Designs, Inc. had net income for the year ended December 31, 20X4, of $360,000 and 200,000

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd